Gorton and Metrick’s “Getting up to Speed on the Financial Crisis” is very good, too. Although I doubt either one knows what Austrian economics is, their paper is a detailed affirmation of the Austrian business cycle theory. For example, they write “Reinhrt and Rogoff (2011) and Schularick and Taylor (2012) provide a consistent picture of the run-up to a financial crisis: an acceleration of debt from both governments and financial intermediaries are the most important antecedents.”

I think no one can understand the crisis unless they read Gorton’s “Slapped by the Invisible Hand,” too.

I highly recommend the Hamilton paper. Very astute observations, and an excellent look at the observed evidence on the effects of technological improvements on oil field productivity - that is to say, never enough to counteract the overall decline.